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Pipeline (8 active programs)

Discontinued (3)

• WP1220 — Cutaneous T-Cell Lymphoma · Concluded in February 2023
• WP1122 — COVID-19 · Concluded and CSR completed
• WP1122 — undisclosed · Completed; Established RP2D

Capital (as filed)

Cash

$7.3M cash and cash equivalents · Jun 30, 2026 (10-Q)

Operating cash flow

−$6.7M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$15.8M cash, runway into the first quarter of 2027 per the update of Sep 18, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

• 2026-10-16 UPDATE: Moleculin Biotech (MBRX) - The Second Reverse Split
• 2026-09-30 UPDATE: Moleculin Biotech (MBRX) - Enrollment Closes, Expectations Come Down 🔒 Paid
• 2026-09-24 UPDATE: Moleculin Biotech (MBRX) - The Ratchet Fires 🔒 Paid
• 2026-09-19 UPDATE: Moleculin Biotech (MBRX) - The Delisting Letter Arrives On Schedule 🔒 Paid
• 2026-08-26 Moleculin Biotech (MBRX) - Scientific Deep Dive for Annamycin and Pipeline Products

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Moleculin Biotech, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-08-26 Watch Moleculin Biotech (MBRX) - Scientific Deep Dive for Annamycin and Pipeline Products The chemistry and cardiac dataset are de-risked but the equity faces a delisting determination with no cure period, a required pre-data financing, and a 37.1M-share ratchet that may prevent existing equity from surviving to collect on the December readout.
2. 2026-09-19 Watch UPDATE: Moleculin Biotech (MBRX) - The Delisting Letter Arrives On Schedule The Nasdaq delisting letter arrived as expected but immediate suspension was avoided via a timely appeal; the structural risks (ratchet, required financing, drifting blinded CR) remain unchanged.
3. 2026-09-24 Avoid UPDATE: Moleculin Biotech (MBRX) - The Ratchet Fires A below-$0.75 ATM issuance triggered the full-ratchet clause, resetting 37.1M Series I warrants to $0.51 and confirming the process-based sell signal the author had pre-specified, making a good December readout a smaller payoff for common holders.
4. 2026-09-30 Avoid UPDATE: Moleculin Biotech (MBRX) - Enrollment Closes, Expectations Come Down The Q1 2027 readout now overlaps with cash exhaustion and management is pre-framing weaker absolute response rates due to a harder venetoclax-failure patient mix, while the warrant ratchet continues to erode common-holder upside.
5. 2026-10-16 Avoid UPDATE: Moleculin Biotech (MBRX) - The Second Reverse Split A second reverse split (1-for-20, cumulative ~1-for-7,500) cures the bid-price problem but leaves 500M authorized shares over ~1.05M outstanding ahead of a required pre-data financing and a warrant ratchet that sits ahead of common holders.

• Avoid call · opened Sep 24, 2026 at $11.34 · -23.3% vs XBI -2.5% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (4 quotes from 4 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

• 2026-09-29 8-K in filings ↓

  • “With Part A enrollment closed, the Company remains on track for its planned comprehensive data readout of Part A in the first quarter of 2027.”

    matched to Annamycin · topline data · read as first quarter of 2027
• 2026-08-14 8-K in filings ↓

  • “Enrollment remains on track to reach the 90-patient milestone in September with the data readout in the December 2026 to February 2027 timeframe.”

    matched to Annamycin · regulatory decision · read as December 2026
• 2026-08-14 8-K in filings ↓

  • “Enrollment remains on track to reach the 90-patient milestone in September with the data readout in the December 2026 to February 2027 timeframe.”

    matched to Annamycin · regulatory decision · read as December 2026
• 2026-08-13 10-Q in filings ↓

  • “Recruitment Update March 2026: On March 23, 2026, we announced that the 45th subject was enrolled in the MIRACLE trial, a milestone triggering the final phase of preparation for the trial’s highly anticipated interim 45 subject data unblinding, which remains on track for mid-2026.”

    matched to Annamycin · regulatory submission · read as mid-2026 / matched to Annamycin · regulatory decision · read as mid-2026

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (59)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Aug 27, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 4, 2026ReleaseMoleculin Announces Acceptance of Annamycin Data for Presentation at the 2026 American Society of Hematology (ASH) Annual MeetingSummary on the 8-K
• Nov 4, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1An ASH abstract acceptance just sent MBRX up 51% from the last-update close — the same n=45 interim data I've already dissected, now on a December poster, with the equity capital structure still a ratchet trap and cash cliff unchanged.
• Oct 30, 2026ReleaseMoleculin Completes Dosing Patients in Part A of Pivotal MIRACLE Trial; Comprehensive Data Readout on Track for Q1 2027
• Oct 30, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1BD extracted 1 program update from this document → MBRX pipeline
• Oct 20, 2026ReleaseMoleculin Releases Next CEO Corner Segment Highlighting Recent Progress in Annamycin MIRACLE Trial
• Oct 20, 20268-KCurrent report: holder rights modified, charter / bylaws / fiscal year, other events · EX-99.1 EXHIBIT 99.1
• Oct 16, 2026ReleaseMoleculin Announces Reverse Stock Split→ BD updateSummary on the 8-K
• Oct 16, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1→ BD updateMoleculin announced a 1-for-20 reverse stock split effective October 20 — the company's second in fourteen months — completing the ratchet-reset-split loop I warned about and confirming the equity's structural deterioration even as Annamycin's chemistry remains intact.
• Oct 9, 20268-KCurrent report: officer / director change, shareholder vote
• Oct 7, 2026ReleaseMoleculin Biotech to Participate in Advances in Oncology Panel at the 2026 Maxim Growth Summit
• Oct 5, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Sep 29, 2026ReleaseMoleculin Biotech Completes Enrollment in Part A of Phase 2/3 R/R AML MIRACLE Trial, Keeping Program on Track for Q1 2027 Data Readout→ BD updateSummary on the 8-K
• Sep 29, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1→ BD updateMIRACLE Part A enrollment is closed at n=89 and the Q1 2027 data readout is confirmed — but the CEO just disclosed the final population shifted from 70/30 fit/unfit to ~50/50, meaning the decisive binary will be run against a meaningfully harder patient mix than the first interim.BD extracted 1 program update from this document → MBRX pipeline
• Sep 28, 2026ReleaseMoleculin Announces Publication of Peer-Reviewed Cardiac Safety Analysis of Annamycin in Frontiers in Cardiovascular Medicine
• Sep 28, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1BD extracted 1 program update from this document → MBRX pipeline
• Sep 25, 2026ReleaseAnnamycin Turns “Cold” Pancreatic Tumors “Hot” in New Preclinical Data Presented at AACRBD extracted 1 program update from this document → MBRX pipeline
• Sep 25, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Sep 23, 2026ReleaseMoleculin Biotech Secures Mexican Patent Protecting Lung-Targeted Liposomal Annamycin Through 2040→ BD updateSummary on the 8-K
• Sep 23, 20268-KCurrent report: Reg FD disclosure, other events · EX-99.1 EXHIBIT 99.1→ BD updateThe ATM is running — not frozen — and the 37.1M Series I warrants have already ratcheted from $0.75 to $0.51, exactly the equity-destruction loop flagged in the deep dive. The stock is down 31.7% since last week's update, and now readers need to know why.
• Sep 18, 20268-KCurrent report: listing notice→ BD updateThe Nasdaq delisting determination I flagged in mid-September has arrived exactly on schedule — and the stock is up +26.5% anyway. Here's what the 8-K actually means for the thesis.
• Sep 14, 2026ReleaseMoleculin to Showcase New Annamycin Data at AACR Conference on Pancreatic Cancer and Two European Scientific Meetings
• Sep 14, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1BD extracted 1 program update from this document → MBRX pipeline
• Sep 11, 2026ReleaseMoleculin Presentation from H.C. Wainwright Conference Now Available On-Demand
• Aug 31, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Aug 27, 2026ReleaseMoleculin CEO, Walter Klemp, Participates in the Virtual Investor “Why Now” On-Demand Conferencevia aggregator
• Aug 25, 2026SCHEDULE 13DActivist / >5% holder (13D)
• Aug 25, 2026SCHEDULE 13DActivist / >5% holder (13D)
• Aug 24, 2026DEFA14AProxy soliciting material
• Aug 24, 2026DEF 14AProxy statement
• Aug 21, 2026424B5Prospectus supplement (offering)
• Aug 14, 20268-KCurrent report: results of operations · EX-99.1 EXHIBIT 99.1
• Aug 13, 202610-QQuarterly report
• Aug 3, 20268-KCurrent report: material agreement
• Aug 3, 2026424B5Prospectus supplement (offering)
• Jul 31, 2026S-1/ARegistration statement (amended)
• Jul 31, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Jul 30, 2026S-1/ARegistration statement (amended)
• Jul 29, 2026S-1Registration statement
• Jun 30, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Jun 30, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Jun 5, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• May 29, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• May 26, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• May 22, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• May 15, 20268-KCurrent report: results of operations · EX-99.1 EXHIBIT 99.1
• May 14, 202610-QQuarterly report
• May 13, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• May 12, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• May 8, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Apr 23, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Apr 15, 20268-KCurrent report: shareholder vote
• Apr 14, 2026424B3Prospectus (resale / update)
• Apr 14, 202610-K/AAnnual report (amended)
• Mar 27, 2026S-3Shelf registration
• Mar 23, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Mar 19, 20268-KCurrent report: Reg FD disclosure · EX-99.1 EXHIBIT 99.1
• Mar 19, 20268-KCurrent report: results of operations · EX-99.1 EXHIBIT 99.1
• Mar 18, 202610-KAnnual report
• Mar 9, 2026DEF 14AProxy statement